What type of equipment can be leased?
Most Equipments can be leased such as Construction equipment Transportation Equipment Manufacturing Equipment Medical and Dental Equipment Industrial Equipment And Many More….
What is the maximum term on lease?
It depends upon equipment age. We can arrange a Lease Term anywhere between 12 Months to 72 Months.
Can lease be paid off earlier or Cancel?
When you sign a lease agreement, you are committing to pay a certain amount of payments (12, 24, 36, 48 or 60 payments). This is the difference between a loan and a lease. With a loan, the borrower can pay off the principle balance at any time with no interest. With a lease, you are required to pay all payments (all principle and interest) as agreed through the term of the lease. There is no penalty for early pay off, however you would be exercising your purchase option in addition to paying off the net lease balance. If this occurs early on in the lease agreement, the payoff could be higher than the original equipment cost.
What is the procedure at end of the term?
Depending upon the lender, usually you can do one of the followings:
Return the equipment at the end of the lease with no further obligation. Assuming the equipment is in normal working condition; any security deposits paid will be refunded back to you.
You may trade in or upgrade the equipment for a lease on newer equipment. You may effectively get the value of a trade-in on equipment you didn’t even own.
You may purchase the leased equipment on agreed buyout amount at start of the lease.
What is the minimum down payment require for a lease?
Based on your good credit and years in business, sometime no down payment required with a small Buyout at the end of your Term.
Can leased equipment be return during the lease term?
No, an equipment lease is a contract for a specified number of payments. The only way to terminate the agreement prematurely is to pay-off the lease.
Is the lease assumable?
Sometimes it is. It depends on the leasing company. Leasing companies reserve the right to approve the new lessee from a credit standpoint.